STATE OF NEW YORK
________________________________________________________________________
5408
2021-2022 Regular Sessions
IN SENATE
March 4, 2021
___________
Introduced by Sen. RATH -- read twice and ordered printed, and when
printed to be committed to the Committee on Budget and Revenue
AN ACT to amend the tax law, in relation to increasing the child and
dependent care tax credit
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraph (1-b) of subsection (c) of section 606 of the tax
2 law, as added by section 2 of part T of chapter 59 of the laws of 2017,
3 is amended to read as follows:
4 (1-b) Notwithstanding anything in this subsection to the contrary, a
5 taxpayer shall be allowed a credit as provided in this subsection equal
6 to the applicable percentage of the credit allowable under section twen-
7 ty-one of the internal revenue code for the same taxable year (without
8 regard to whether the taxpayer in fact claimed the credit under such
9 section twenty-one for such taxable year) that would have been allowed
10 absent the application of section 21(c) of such code [for taxpayers with
11 more than two qualifying individuals], provided however, that the credit
12 shall be calculated as if the dollar limit on amount creditable shall
13 not exceed:
14 (i) seven thousand five hundred dollars if there are three qualifying
15 individuals, eight thousand five hundred dollars if there are four qual-
16 ifying individuals, and nine thousand dollars if there are five or more
17 qualifying individuals for taxable years beginning in two thousand twen-
18 ty; and
19 (ii) six thousand dollars if there is one qualifying individual,
20 twelve thousand dollars if there are two qualifying individuals, fifteen
21 thousand dollars if there are three qualifying individuals, seventeen
22 thousand dollars if there are four qualifying individuals, and eighteen
23 thousand dollars if there are five or more qualifying individuals for
24 taxable years beginning in two thousand twenty-one.
25 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD09008-02-1
